Question: Using Monte Carlo simulation the following data has been generated: The mean or expected cost of the project is found to be $138000. The variance

Using Monte Carlo simulation the following data has been generated: The mean or expected cost of the project is found to be $138000. The variance of the project cost is shown to be $64000000. The project team wants 99% confidence in having enough budget to cover the costs. If the baseline project budget given to the team is average or expected cost. What is the total needed budget to cover all the possible expenses?

a. 226000

b. 186000

c. 162000

d. 138000

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